NEWS

Corporate Affairs Ministry has sought comments from stakeholders on draft rules pertaining to the proposed National Companies Law Tribunal.

NCLT, being set up under the Companies Act, 2013, would replace the Company Law Board (CLB).

In a notice, the ministry said suggestions and comments "along with justification in brief" on the draft rules for NCLT can be submitted till February 17.

As many as 283 Sections of the Companies Act, 2013 have commenced while those related to functioning of NCLT, NCLAT (National Company Law Appellate Tribunal) and certain other authorities are yet to be notified.

Most provisions of the Act came into force from April 1, 2014.

"In view of the Supreme Court order dated May 14, 2015, the process for constitution of NCLT/NCLAT has been undertaken and these bodies are likely to be set up shortly," the notice said.

Views have been sought on draft rules relating to 'Compromises, Arrangements and Amalgamation', 'Prevention of Oppression and Mismanagement' and 'Procedure to be followed by NCLT and NCLAT'.

In July 2015, the ministry had set up a committee to examine the draft rules with respect to procedure to be followed NCLT/NCLAT.

Last month, Corporate Affairs Minister Arun Jaitley had informed Rajya Sabha the process for constitution of NCLT has already been initiated, with "the selection process for (judicial as well as technical) members of NCLT and technical member of NCLAT having commenced".

Steps have also been taken to make provisions for infrastructure and other supportive requirements for the tribunals, he had said.